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Thousands in Paris Denounce EU 'Austerity' Pact

Tens of thousands of left-wing protesters took to the streets of Paris on Sunday to denounce EU-driven austerity measures being pushed on member states, a day after similar protests in Spain and Portugal.

Chanting "Resistance!" protesters marched through central Paris in a rally organizers said was aimed at fighting EU-imposed austerity, not at criticizing the government of Socialist President Francois Hollande.

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U.N.: World Must Work Out How to Grey Gracefully

Governments around the world must work out how to cope with ageing, a U.N. report said on Monday, warning that developing nations with lots of young workers may one day find their elderly populations a burden.

The study by the United Nations Population Fund (UNFPA) and HelpAge International also urged countries to improve medical provision to extend the years of health that older people can enjoy.

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Iran's Rial Dives 6% to New Record Low

Iran's currency, the rial, dived six percent to a new low of around 28,600 to the dollar in open trading on Saturday, deepening a month-long sell-off, according to exchange tracking websites.

The new rate was sharply lower than the 26,900 rials per dollar fetched on Thursday, the last day of trading.

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Spain Debt to Hit 85.3% in 2012, 90.5% in 2013

Spain's public debt is set to reach 85.3% of gross domestic product in 2012 and 90.5% in 2013, well above previous forecasts, according to figures in a draft budget submitted to parliament on Saturday.

The budget approved by Prime Minister Marian Rajoy's right-wing cabinet on Thursday, tightens austerity in the teeth of growing protests, easing the path to a widely expected sovereign bailout.

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Fitch Affirms Britain's AAA Credit Rating, Negative Outlook

Fitch Ratings on Friday maintained Britain's "AAA" credit rating with a negative outlook, warning that weak economic growth and a rising debt level was increasing the likelihood of a downgrade.

Fitch said "weaker than expected growth and fiscal out-turns in 2012 have increased pressure on the UK's 'AAA' rating".

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Low-Key 40th Anniversary of Japan-China Ties

China and Japan on Saturday marked the 40th anniversary of the resumption of diplomatic ties, but no major celebrations were likely with relations at historic lows over a simmering territorial row.

No major events were planned in Japan after China on Sunday postponed a ceremony to commemorate four decades of diplomatic relations as tensions escalate over the uninhabited East China sea islands.

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France Unveils Tough Budget

France on Friday unveiled shock fiscal action to plug a 37-billion-euro hole in public finances with the toughest package of tax rises and spending cuts the country has known in an economic downturn.

The 2013 budget adopted by President Francois Hollande's cabinet commits the ruling Socialists to an austerity program at a time when the economy is teetering on the brink of recession.

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Spain to Release Bank Audits after Austerity Cuts

Spain is set to reveal how much trouble its banking system is in when it releases the results of audits of 14 lenders.

The results will also help the country decide how much money it will tap from a €100 billion ($128 billion) loan facility to prop up the country's financial sector.

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Egypt Tourism Takes a Hit from Prophet Protests

One of the world's largest cruise ships, its foreign passengers primed for onshore spending, was supposed to dock in Egypt this month. The port call, however, was scrapped because of security concerns surrounding Mideast protests against a film made in the U.S. that denounces Islam's holiest figure.

Once again, Egyptian tourism, an engine of the national economy and a flagship of the regional industry, has taken a hit. It was another setback for a business that had plummeted in parts of the Middle East and North Africa last year during the uprisings known as the Arab Spring, then moved toward recovery this year.

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No Quick Exports Boom for Myanmar despite U.S. Move

Myanmar's garment and agriculture industries could be set for a revival after a U.S. decision to ease an imports ban, but observers warn against hopes of a sudden export boom for the impoverished country.

After decades of military rule that laid waste to Myanmar's economy, leaving many jobless and infrastructure in ruins, a wave of reform under a new regime is raising the prospect of a brighter future as the nation opens to the world.

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